The new contract keeps the defender, who is currently on loan at Sheffield United, with Wolves until July 2020.
Ebanks-Landell will remain with the Blades for the rest of the 2016/17 campaign as he completes his season-long loan in South Yorkshire.
Speaking after signing his new deal, the 24-year-old said: "I couldn't be happier.
"As a player, you always want that security, and I've been here since I was eight-years-old so I'm really pleased to get it done.
"They tell you to never make plans in football, especially when you're coming down to the last few months of your contract.
"You don't know where you're going to be, living situations can change all the time so I'm just really happy to sign a new three-and-a-half-year deal."
Discussing Ebanks-Landell's new contract, Head of Football Kevin Thelwell said: "We've been delighted with the performances that he's been putting in on loan at Sheffield United.
"I think it's been a great opportunity for him to get a sustained period of first team games under his belt, he's obviously gained a lot from the experience.
"With less than 18 months on his previous contract, it was a great opportunity for us to get him tied down and secure his long-term future at this football club.
"Let's hope he goes on there to get a promotion on his CV and then hopefully comes back to us in a strong position to try and get himself into our squad next season."
Paul Lambert arrived as Head Coach of Wolves after Ebanks-Landell had joined Sheffield United on loan but the gaffer has been in contact with the centre-half.
"I came back to train for a couple of days because he wanted to see me. He spoke to me, gave me some good advice and told me where he sees me," explained Ebanks-Landell.
"After getting a new contract I'm reasonably still within his plans.
"I'm happy to stay out on loan with Sheffield United for the time being where I've been playing and enjoying my football."
The Blades are currently four points clear at the top of Sky Bet League 1 and are currently enjoying a six-game winning streak in the league.
"It's still early, explained the defender before adding: "We've got the goals in our head that we want to achieve and being top of the league obviously puts us in good stead to achieve them.
"But we're just going to take it one game at a time and, personally, I'm enjoying my football there.
"The fans have taken to me well and the boys in the changing room have taken to me well.
"I've got a song and I've never had a song before so that's a completely new experience."
Fellow Wolves defender, Danny Batth, also enjoyed a loan spell in Sheffield, helping Wendesday to promotion from League 1 in the 2011/12 season.
When asked if he and Batth had discussed the Wolves skipper's time in South Yorkshire, Ebanks Landell jokingly replied: "I don't think I'm allowed to speak about Sheffield Wednesday, am I?"
"No, Danny and I have spoke a few times about how much we like the city and the football up there.
"At the time, he helped Sheffield Wednesday to gain promotion from League 1 and, hopefully, I can do the same at Sheffield United and we can both talk about our success in a thriving city."
Ebanks-Landell joined Wolves at a young age and is not surprised to see the current crop of Academy graduates breaking into the first team.
Ebanks-Landell earned his footballing education at Wolves' Academy and he is not surpised
He said: "The club's always been like that. I've seen a lot of players come through the Academy.
"Joleon Lescott came through, then you've got likes of Carl Ikeme who's still here now and Danny Batth who I've played with since we were in the youth team.
"There's just me and Jack Price left at Wolves from my age-group so we've seen a lot of people come and go.
"Now you've got the young lads coming through and, when I heard their ages, I start to feel old even though I'm still reasonably young.
"I was nowhere near ready to play at this level when I was 16-years-old."
